MILAN – Italy’s luxury shoemaker Tod’s said on Tuesday sales continued to fall in its core market in the nine-month to the end of September as the country is in a deep recession.
The maker of leather loafers said global sales grew 7.3 percent to 749.9 million euros ($953 million) in the nine months to the end of September. Sales in Italy fell 13.9 percent in the period.
Growth in the global luxury market is softening in 2012 as European customers rein in spending and China is experiencing a slowdown in economic growth.
Tod’s – which also owns the Hogan, Fay and Roger Vivier brands – is increasing its presence in fast-growing Asian market to reduce exposure to the declining Italian market.
Tod’s Chief Executive Diego Della Valle confirmed expectations of a significant growth in 2012.
In September, Della Valle said he expected full-year sales to reach 1 billion euros.
Tod’s also said it had extended its sunglasses licence with Italian group Marcolin until the end of 2018.
After the results shares in Tod’s extended earlier losses and were down 4 percent at 1406 GMT.